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Recent Blog Posts
1031 Exchanges
Often clients will come to us wanting to sell a property, but feel trapped by the high capital gains taxes that they would incur by selling. We have the pleasure of informing these clients that there is a special rule in the Internal Revenue Code that will allow them to defer capital gains by making […]
Unclaimed Property (Part 2)
Earlier, we began to discuss how to claim your own Unclaimed Property (See Part 1 on Unclaimed Property here). But what if the owner of the Unclaimed Property is deceased? The process is still very simple, and similar to the process described above, but with some extra documentation required. Be aware that only the Executor or the Administrator of the decedent’s Estate […]
“Scams” Targeting New Homeowners
Certified Copy of Your Deed. All homeowners should be aware that, for several years now, a company called “National Deed Service” or “National Record Service” targets homeowners (new homeowners in particular) advising them that they must have a certified copy of their Deed. This is not the case. The company is selling an unnecessary product. […]
Unclaimed Property (Part 1)
When property (like a bank account, annuity, or life insurance policy) goes untouched or unclaimed for a certain amount of time, it “escheats” to the State. The property still belongs to the original owner, but you now have to go through your state’s Unclaimed Property division in order to claim your property. To find out […]
Life Insurance as a Student Loan Safety Net
With increases in college tuition outpacing inflation every year, many students turn to loans to cover the cost of school. Financial institutions generally require a cosigner on these loans to secure the student’s debt—nearly always the student’s parents. This is all well and good assuming the student graduates college and finds a job after graduation. […]
Elective Share of Surviving Spouse
The New Jersey statute pertaining to a surviving spouse’s elective share, R. 3B:8-1, reads as follows: “If a married person or person in a domestic partnership dies domiciled in this State, on or after May 28, 1980, the surviving spouse or domestic partner has a right of election to take an elective share of one-third of […]
Special issues for employees using their car for business matters
If you are a business owner and you have one or more employees who use their cars for business matters, you need to be aware of the rules governing employees’ use of vehicles. These rules not only pertain to reimbursements and deductions, but to employer liability as well. (Note that this is not for the employee commuting to […]
How Assets Are Owned Will Affect Distribution at Death
Anybody who knows me knows that I always recommend a person have a Will, Living Will, and Power of Attorney. This article will focus on a Will and the effects of how assets are owned. A Will distributes “probate assets.” “Probate assets” are assets owned by you without an automatic beneficiary. However, if you currently […]
“Domestic Partners” and Transfer Inheritance Taxes
Generally, when a person dies, New Jersey death taxes apply. We have two levels of taxes: NJ Estate Taxes. These are only owed if the decedent has more than $675,000 in total assets, including life insurance. NJ Transfer Inheritance Taxes. The rate depends on a person’s relationship to the decedent. Depending on the closeness of […]
Estate Planning: Talking With Your Family
Planning your estate can be a difficult and emotionally-charged process. How does one go about discussing an estate plan with those who it will affect the most—family? As unpleasant and painful as a conversation about your Estate plan might seem, it is an extremely important topic to discuss with your loved ones. You need to […]
